The Islamic Development Bank (IsDB) Group and the China-based New Development Bank (NDB) have signed a Memorandum of Understanding (MoU) to strengthen collaboration on infrastructure and sustainable development initiatives in countries of mutual interest.
The Memorandum reflects the shared commitment of both multilateral development banks to promoting economic growth and social progress.
It also establishes a comprehensive framework to facilitate joint operations, co-financing, technical cooperation, and knowledge-sharing activities. The MoU sets a mutual intention to leverage their respective expertise, resources, and networks to drive impactful development projects.
The partnership will focus on key areas such as early identification, preparation, and co-financing of infrastructure projects, as well as exploring opportunities in renewable energy, transport, water and sanitation, climate finance, and private capital mobilization.
Both parties will also pursue collaboration in treasury management, co-guarantees for investment projects, and capacity-building initiatives through joint seminars, workshops, and staff exchanges.
IsDB Vice President Operations, Dr. Rami Ahmad, stated that, “This memorandum marks significant progress in both institutions’ dedication to sustainable development among member nations. By partnering with NDB, IsDB can enhance development efforts, support local communities, and tackle global challenges more effectively.”
Meanwhile, NDB Vice President and Chief Risk Officer, Dr. Rajiv Ranjan, noted that, “We are honored to formally announce the signing of this Memorandum of Understanding with the Islamic Development Bank Group, reflecting our shared commitment to advancing infrastructure and sustainable development. By leveraging our combined expertise and resources, we aim to strengthen collaboration in areas of mutual interest, deepen cooperation across our member countries, and promote inclusive growth in the Global South.”
